Mobile games generate $100 million for Tencent in Q4 2013

While FY13 revenues rise 38% to $9.9 billion

Mobile games generate $100 million for Tencent in Q4 2013

Chinese internet company Tencent (HKG: 0700) has announced its unaudited FY13 results for the 12 months ending 31 December 2013.

Total revenue was $9.9 billion, up 38 percent year-on-year.

Profit was $2.5 billion, up 22 percent.

On the up

"During 2013, we achieved sustained growth in revenue and earnings, while further embracing mobile internet and starting mobile monetization," said CEO Ma Huateng.

"We migrated our flagship QQ service from a primarily PC to a primarily smart phone experience and enhanced our market-leading Weixin/WeChat app from a communications tool to a multi-functional platform, through initiatives such as smart phone games, Official Accounts and Weixin Payment.

Mobile rising

During Q4, its online and games saw growth, with revenue from Tencent's Value-Added Services division up 3 percent quarter-on-quarter.

Mobile games on QQ and WeChat performed strongly, with Tencent saying they generated over RMB 600 million - around $100 million- during Q4 2013.

Tencent said that total users for WeChat (called Weixin in China) was 355 million, with future international expansion for WeChat being targeted in "specific geographic regions".

It will also be investing in app distribution during 2014; something that's already happening through the QR codes used in WeChat.

Tencent ended the quarter with net cash worth $5.9 billion.

[source: Tencent]

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